VRIG vs. MNHAX

Last updated Jun 24, 2026

VRIG (Invesco Variable Rate Investment Grade ETF) and MNHAX (Manning & Napier High Yield Bond I) are both funds - VRIG is a Ultrashort Bond fund actively managed by Invesco, while MNHAX is a High Yield Bonds fund managed by Manning & Napier. Over the past 5 years, VRIG returned 4.47%/yr vs 5.52%/yr for MNHAX. At a 0.08 correlation, their price movements are largely independent. VRIG charges 0.30%/yr vs 0.66%/yr for MNHAX.

Performance

VRIG vs. MNHAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Variable Rate Investment Grade ETF (VRIG) and Manning & Napier High Yield Bond I (MNHAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, VRIG achieves a 2.06% return, which is significantly lower than MNHAX's 2.27% return.

VRIG

• 1D: 0.00%
• 1M: 0.39%
• YTD: 2.06%
• 6M: 2.20%
• 1Y: 4.90%
• 3Y*: 5.92%
• 5Y*: 4.47%
• 10Y*: —

MNHAX

• 1D: 0.00%
• 1M: 0.76%
• YTD: 2.27%
• 6M: 2.69%
• 1Y: 7.23%
• 3Y*: 9.16%
• 5Y*: 5.52%
• 10Y*: 6.78%

*Multi-year figures are annualized to reflect compound growth (CAGR)

VRIG vs. MNHAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VRIG Invesco Variable Rate Investment Grade ETF	2.06%	5.05%	6.81%	7.37%	0.99%	1.06%	1.76%	4.57%	0.51%	3.20%
MNHAX Manning & Napier High Yield Bond I	2.27%	6.90%	9.29%	13.49%	-7.38%	10.27%	6.58%	14.25%	-0.98%	8.68%

Correlation

The correlation between VRIG and MNHAX is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.12
Correlation (3Y) Calculated over the trailing 3-year period	0.09
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (All Time) Calculated using the full available price history since Sep 22, 2016	0.08

Return for Risk

VRIG vs. MNHAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

VRIG

VRIG Risk / Return Rank: 99
VRIG Sharpe Ratio Rank: 99
VRIG Sortino Ratio Rank: 99
VRIG Omega Ratio Rank: 99
VRIG Calmar Ratio Rank: 99
VRIG Martin Ratio Rank: 99

MNHAX

MNHAX Risk / Return Rank: 75
MNHAX Sharpe Ratio Rank: 87
MNHAX Sortino Ratio Rank: 84
MNHAX Omega Ratio Rank: 90
MNHAX Calmar Ratio Rank: 44
MNHAX Martin Ratio Rank: 70

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

VRIG vs. MNHAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Variable Rate Investment Grade ETF (VRIG) and Manning & Napier High Yield Bond I (MNHAX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	VRIG	MNHAX	Difference
Sharpe ratio: Return per unit of total volatility	10.07	2.62	+7.45
Sortino ratio: Return per unit of downside risk	24.15	3.71	+20.45
Omega ratio: Gain probability vs. loss probability	5.30	1.61	+3.69
Calmar ratio: Return relative to maximum drawdown	61.60	2.42	+59.18
Martin ratio: Return relative to average drawdown	314.76	12.59	+302.16

VRIG vs. MNHAX - Sharpe Ratio Comparison

The current VRIG Sharpe Ratio is 10.07, which is higher than the MNHAX Sharpe Ratio of 2.62. The chart below compares the historical Sharpe Ratios of VRIG and MNHAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

VRIG vs. MNHAX - Drawdown Comparison

The maximum VRIG drawdown since its inception was -13.04%, smaller than the maximum MNHAX drawdown of -20.13%. Use the drawdown chart below to compare losses from any high point for VRIG and MNHAX.

Drawdown Indicators

	VRIG	MNHAX	Difference
Max Drawdown Largest peak-to-trough decline	-13.04%	-20.13%	+7.09%
Max Drawdown (1Y) Largest decline over 1 year	-0.08%	-3.10%	+3.02%
Max Drawdown (3Y) Largest decline over 3 years	-0.78%	-20.13%	+19.35%
Max Drawdown (5Y) Largest decline over 5 years	-2.28%	-20.13%	+17.85%
Max Drawdown (10Y) Largest decline over 10 years	—	-20.13%	—
Current Drawdown Current decline from peak	0.00%	-10.61%	+10.61%
Average Drawdown Average peak-to-trough decline	-0.27%	-3.54%	+3.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.02%	0.59%	-0.57%

Volatility

VRIG vs. MNHAX - Volatility Comparison

The current volatility for Invesco Variable Rate Investment Grade ETF (VRIG) is 0.11%, while Manning & Napier High Yield Bond I (MNHAX) has a volatility of 0.62%. This indicates that VRIG experiences smaller price fluctuations and is considered to be less risky than MNHAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VRIG	MNHAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.11%	0.62%	-0.51%
Volatility (6M) Calculated over the trailing 6-month period	0.35%	2.34%	-1.99%
Volatility (1Y) Calculated over the trailing 1-year period	0.49%	2.86%	-2.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	1.29%	14.43%	-13.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.79%	10.69%	-6.90%

VRIG vs. MNHAX - Expense Ratio Comparison

VRIG has a 0.30% expense ratio, which is lower than MNHAX's 0.66% expense ratio.

Dividends

VRIG vs. MNHAX - Dividend Comparison

VRIG's dividend yield for the trailing twelve months is around 4.71%, less than MNHAX's 6.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
MNHAX Manning & Napier High Yield Bond I	6.35%	7.29%	7.02%	8.59%	7.61%	9.81%	6.26%	8.24%	6.38%	6.20%	7.68%	6.64%
VRIG Invesco Variable Rate Investment Grade ETF	4.71%	4.99%	6.09%	5.97%	2.39%	0.78%	1.57%	3.12%	2.89%	2.31%	0.60%	0.00%

Frequently Asked Questions

Can I hold both VRIG and MNHAX in my portfolio?

VRIG and MNHAX have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VRIG or MNHAX?

MNHAX has higher volatility (0.62%) compared to VRIG (0.11%). In terms of maximum drawdown, VRIG dropped -13.04% vs MNHAX's -20.13%.

Which has better risk-adjusted returns?

VRIG currently has the higher Sharpe Ratio (10.07 vs 2.62), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.